The OPEC member states are discussing the possibility of an emergency meeting should oil prices continue to fall, said Nigerian Oil Minister, and OPEC President Diezani Alison-Madueke. Prices have dropped by than half since their peak last summer.

If the price “slips any further it is highly likely that I
will have to call an extraordinary meeting of OPEC in the next
six weeks or so,” said Alison-Madueke, as quoted by the
Financial Times, adding that discussions are
already underway.

“Almost all OPEC countries, except perhaps the Arab bloc, are
very uncomfortable,” she said. As the cartel’s president,
she is responsible for maintaining communication with member
countries and Secretary-General El-Badri in case of an emergency
meeting.

Alison-Madueke expects prices will stabilize at least at the
current level, because otherwise it would be difficult or even
impossible for some cartel members to implement their planned
budgets.

At a time of publication Tuesday, Brent crude was trading at
$59.95 dollars per barrel, with the price for WTI crude at $49.89
per barrel.

Despite the president’s willingness to hold an emergency meeting,
OPEC’s de facto leader Saudi Arabia is unlikely to participate,
say market analysts. Alison-Madueke stressed that OPEC cannot
stabilize the oil market alone, that’s why the cartel should
consult other key oil producers such as the United States,
Russia, as well as global groups like the International Energy
Agency and G20.

“It cannot only be OPEC that is responsible for stability in
the market,” she said. “The world has moved on from the
days that OPEC was the be all and end all.”

The last OPEC meeting was held in November 2014. The members of
the cartel then decided to leave oil output unchanged at 30
million barrels per day.